Switching to an all-renewable energy supply sounds good in theory, but the rhetoric elides the need for reliability and overlooks the critical role oil and gas plays in supporting the renewables supply chain.
The deal, internally dubbed "Project Seek," is still in its initial phase and there is no formal decision on the investors yet, one of the two sources familiar with the matter said.
U.N. Secretary-General Antonio Guterres urged a coalition of finance ministers and economic policymakers from dozens of countries to ensure development banks end fossil fuel investments and boost renewable energy.
Demand for oil is set to fall by 8% and coal use by 7% while renewables will see a slight rise, the IEA said in its annual World Energy Outlook.
There’s little doubt sustainability will be part of doing business in oil and gas fields going forward. Now, how do companies go about quantifying their efforts?
The MOU, which includes Keystone XL, is one of the largest of its kind in North American infrastructure.
In a statement commenting on the acquisition, Rafael Esteban, CEO of ACCIONA’s energy division in North America, called the Fort Bend Solar project a flagship in the company’s U.S. portfolio.
Newfoundland and Labrador is the third-largest oil-producing province in Canada, producing 5% of the country's crude in 2018. Low oil prices have forced producers to cut spending and output globally.
Top asset managers Vanguard Group Inc. and BlackRock Inc. on Sept. 24 introduced new exchange-traded funds that exclude oil companies, coal producers and other industries that a growing number of investors want to avoid.